At a glance
QQQE charges 0.35% a year, above the 0.32% average of the 8 funds most like it (the 6th cheapest of 9). It has $1.33B in assets, the 5th largest of that group; it paid 0.59% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +14.1% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +20.1% a year. At its worst it fell 30.9% in the 2020 crash (S&P 500: 33.7%) and 29.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 14 months after the lows. Its ten largest positions make up 12.4% of the fund, out of 103 in all.
The short version
Direxion NASDAQ-100 Equal Weighted Index ETF (QQQE) tracks the NASDAQ-100 Equal Weighted Index. The index gives each of about 100 large non-financial Nasdaq-listed companies roughly the same weight, so no single giant dominates. Its largest holding was just 1.3% of assets as of July 31, 2026. Its 0.35% expense ratio is below the 0.57% that First Trust's QQEW charges for the same index, but above QQQ's 0.20%.
Price history
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QQQE +14.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| QQQE official prospectus, to Dec 31, 2025 | — | +14.60% | — | +7.88% | +13.43% | — |
| QQQE price data to Oct 27, 2026 | +17.2% | +14.1% | +20.1% | +9.1% | +15.2% | +14.5% |
- Over the year to Oct 27, 2026, QQQE returned +14.1%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +9.1% and its 10-year +15.2%.
- In the 2020 COVID crash it fell 30.9% and regained its old high 2.5 months after the low.
- Its worst full calendar year was 2022 (-24.5%); its best was 2013 (+43.3%).
- The deepest fall in its price history was 31.2% (Dec 27, 2021 to Oct 14, 2022), recovered by Dec 26, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +17.2% | — |
| 2025 | +14.6% | +14.60% |
| 2024 | +7.0% | +7.01% |
| 2023 | +33.8% | +33.71% |
| 2022 | -24.5% | -24.48% |
| 2021 | +22.3% | +18.00% |
| 2020 | +37.8% | +37.65% |
| 2019 | +36.4% | +36.10% |
| 2018 | -5.4% | -4.92% |
| 2017 | +26.5% | +26.29% |
| 2016 | +7.2% | +7.24% |
| 2015 | +2.5% | — |
| 2014 | +19.4% | — |
| 2013 | +43.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.9% over that stretch · deepest drop along the way 30.9%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.8% over that stretch · deepest drop along the way 29.8%, back to its old high 14.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5200 | |
| 2025 | $0.5300 | -31.2% |
| 2024 | $0.7700 | +13.2% |
| 2023 | $0.6800 | +9.7% |
| 2022 | $0.6200 | -90.3% |
| 2021 | $6.3652 | +1491.3% |
| 2020 | $0.4000 | 0.0% |
| 2019 | $0.4000 | +21.2% |
| 2018 | $0.3300 | +17.9% |
| 2017 | $0.2800 | -30.0% |
| 2016 | $0.4000 | +116.2% |
| 2015 | $0.1850 | -57.5% |
| 2014 | $0.4350 | +314.3% |
| 2013 | $0.1050 |
What's inside
As of Jul 31, 2026, the fund held 103 securities; the ten largest made up 12.36% of assets.
| Holding | Weight | |
|---|---|---|
| PAYPAL HOLDINGS INC | 1.30% | |
| REGENERON PHARMACEUTICALS INC | 1.26% | |
| DOORDASH INC | 1.25% | |
| COCA-COLA EUROPACIFIC PARTNERS PLC | 1.23% | |
| PAYCHEX INC | 1.23% | |
| ROPER TECHNOLOGIES INC | 1.23% | |
| PACCAR INC | 1.22% | |
| AUTOMATIC DATA PROCESSING INC | 1.22% | |
| CINTAS CORP | 1.22% | |
| PALO ALTO NETWORKS INC | 1.20% | |
| AXON ENTERPRISE INC | 1.20% | |
| FORTINET INC | 1.20% | |
| BOOKING HOLDINGS INC | 1.17% | |
| AMGEN INC | 1.16% | |
| AIRBNB INC | 1.16% |
By country
United States 89.25%Netherlands 3.57%Canada 2.16%Ireland 1.97%United Kingdom 1.92%By asset type
Stocks 99.94%By sector
Sectors of the companies held, for the 79.2% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $34.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.92%, +2.50%, -4.07%.
How it works
The fund aims to track the NASDAQ-100 Equal Weighted Index. This is a version of the NASDAQ-100 Index, which holds about 100 of the largest US and international non-financial companies listed on the Nasdaq Stock Market. Nasdaq, Inc. selects them by market capitalization, meaning the total market value of a company's shares. The standard NASDAQ-100 weights companies by size. This version gives the smallest and largest members the same exposure. As of December 31, 2025, the index had 107 constituents, with an average market value of $295 billion, and it was concentrated in information technology.
The index rebalances every quarter, resetting each stock to an equal weight. Between rebalances, stocks that rise drift above equal weight and stocks that fall drift below. Once a year the index is reconstituted, meaning companies are added or removed. The fund trades whenever the index rebalances, and its portfolio turnover was 33%. It is passive and intends to hold every index stock, but it may sometimes hold a representative sample instead. It must keep at least 80% of net assets in index securities or similar instruments such as swaps or futures. As of July 31, 2026, 99.94% was in stocks, with no derivatives.
The fund may lend securities worth up to one-third of its total assets, which adds the risk that a borrower fails to return them. Its board can change the objective without a shareholder vote.
What it really costs
- QQQE charges 0.35% a year, versus an average of 0.32% for the similar funds below (6th of 9, cheapest first).
- Of that, 0.3% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QQQE | $36 | $113 | $197 | $443 |
In a retirement portfolio
It is a growth-oriented, technology-heavy stock fund that pays little income and has fallen about 30% in each of its two major downturns.
QQQE spreads money evenly across Nasdaq-100 companies, which may complement a portfolio already heavy in the largest US stocks. It launched in March 2012, so it has no record from the 2008 financial crisis. In the 2020 COVID crash it fell 30.9% and was back at its peak by June 5, 2020, about 2.5 months later. The 2022 bear market was harder: the fund fell 29.8% and took 14.2 months to recover. Its worst calendar year was 2022, at -24.5%. Its deepest drop was 31.2%, from December 2021 to October 2022, and it didn't recover until December 26, 2023. Selling shares for spending money in a year like that would have locked in losses. Income is small: the trailing 12-month yield was 0.59% as of October 27, 2026, paid quarterly. In the SEC's standard example, costs on $10,000 come to $443 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want NASDAQ-100 exposure without its tilt toward the largest companies; the top 10 holdings were 12.36% of assets as of July 31, 2026.
- Those comparing equal-weight Nasdaq funds on cost: QQQE's 0.35% expense ratio is below QQEW's 0.57% for the same index.
- Long-term holders who could sit through a fall like its 31.2% drop in 2022, which took about 14 months to recover.
Look elsewhere if
- Investors looking for income: the trailing yield was 0.59% as of October 27, 2026, paid quarterly.
- Those seeking the cheapest Nasdaq-100 exposure: QQQM charges 0.15% and QQQ 0.20%, though both weight companies by size.
- Anyone wanting broad diversification: the index excludes financial companies, leans toward technology, and had about 89% in US companies as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| QQQE this fund | — | 0.35% | $1.33B | +14.1% | +20.1% |
| QNXT iShares Nasdaq-100 ex Top 30 ETF | 63% | 0.2% | $18.9M | +10.0% | — |
| QQXT First Trust Nasdaq-100 Ex-Technology Sector… | 56% | 0.6% | $165.9M | +0.6% | +10.8% |
| QQQM Invesco NASDAQ 100 ETF | 52% | 0.15% | $104.38B | +8.8% | +24.1% |
| QQQ Invesco QQQ Trust Series I | 51% | 0.2% | $490.10B | +8.8% | +24.0% |
| QQEW First Trust Nasdaq-100 Equal Weighted Index… | 50% | 0.57% | $1.81B | +8.1% | +17.8% |
| QQMG Invesco ESG NASDAQ 100 ETF | 47% | 0.2% | $200.0M | +16.4% | +29.5% |
| RSPT Invesco S&P 500 Equal Weight Technology ETF | 34% | 0.4% | $5.47B | +42.6% | +36.6% |
Questions investors ask
What's the difference between QQQE and QQEW?
Mainly cost. Both funds track the NASDAQ-100 Equal Weighted Index. QQQE, from Direxion, has a 0.35% expense ratio, while First Trust's QQEW charges 0.57%. QQEW is larger, with $1.81 billion in net assets as of June 30, 2026, against $1.33 billion for QQQE as of July 31, 2026. Over the three years through October 27, 2026, QQQE returned 20.1% a year and QQEW returned 17.8%.
QQQE vs QQQ: which is different?
They hold the same index companies but weight them differently. QQQ weights each company by market value, so the largest companies dominate. QQQE gives each company about the same weight, and the two funds' holdings overlap by 51%. QQQ costs less, at 0.20% against 0.35%. In the most recent three-year period, QQQ returned 28.2% a year through October 29, 2026, compared with QQQE's 20.1% through October 27, 2026.
Does QQQE pay dividends?
Yes, QQQE pays dividends quarterly, but the amounts are small. Its trailing 12-month yield was 0.59% as of October 27, 2026, or about $0.70 per share. Many Nasdaq-100 companies reinvest their profits rather than pay large dividends, so this fund is built for growth more than income. Investors who rely on regular cash payouts would likely need other holdings for that.
Is QQQE good for retirement?
It can play a supporting role, but it is a volatile, growth-oriented stock fund. It averaged 13.43% a year over the 10 years through December 31, 2025. It also fell 30.9% in the 2020 COVID crash and 29.8% in the 2022 bear market, and it lost 24.48% in calendar 2022. Its yield is low, at 0.59% as of October 27, 2026. A retiree who has to sell shares during a downturn could lock in losses.
What are QQQE's top holdings?
Because of equal weighting, no company stands out. As of July 31, 2026, the largest positions were PayPal at 1.30%, Regeneron Pharmaceuticals at 1.26%, DoorDash at 1.25%, Coca-Cola Europacific Partners at 1.23% and Paychex at 1.23%. The fund held 103 companies, and its top 10 made up just 12.36% of assets. The list changes as stocks drift between the index's quarterly rebalances.